Heat the olive oil in a wide skillet or paella pan over medium heat.
Sauté the diced onion and red bell pepper until softened and slightly caramelized.
Stir in the minced garlic, smoked paprika, and tomato puree, cooking for 2 minutes to develop the base flavors.
Add the dry Bomba rice to the pan, stirring to coat the grains in the aromatic oil and tomato mixture.
Pour in the seafood broth and sprinkle the saffron threads, sea salt, and black pepper over the rice.
Bring to a simmer, then reduce heat to low and cook undisturbed for 15 minutes until the rice is nearly tender.
Arrange the shrimp and mussels on top of the rice, pressing them down slightly, and scatter the peas over the surface.
Cover and cook for another 5-7 minutes until the shrimp are pink and the mussels have opened.
Remove from heat, let rest for 5 minutes, and garnish with fresh parsley and a lemon wedge before serving.